If any good can come from foreclosures, Phil Cooley will find a way.
This young entrepreneur dubbed the “Prince of Detroit” has added a 30,000-square-foot warehouse to the restaurant he owns. Now he rents it out to start-up businesses, artists and nonprofits for up to 20 cents per square foot. Tenants include a small letterpress shop and a textile maker.
Cooley’s first project was Slows Bar-B-Q, a trendy eatery in Corktown.
“Because of all these misconceptions about Detroit, people are afraid to do business here,” he says, “and there ends up being more demand than supply.”
— Adapted from “Detroit Strong,” Ryan Holeywell, Governing.